![]() ![]() ![]() While the company saw strength across all geographies, the China market is particularly discussed due to it being the largest smartphone market by shipments at 368 mln or accounting for 26.7% of total smartphone shipments worldwide. ![]() It has also boosted Apple's market share to a high of 21% in Q4 2020 and 15% in Q2 2021. A consumer survey in the US indicates a customer satisfaction rating of 97% for the iPhone 12. In Q2 2021, the iPhone segment recorded a 50% YoY growth rate attributed to the well-received 5G iPhone 12 for record revenue of $39.6 bln and continues to be in high demand according to management. Strong iPhone Sales Growth and Upcoming iPhone Product Launch Lastly, its services businesses continue to provide a key driver of growth with the massive install base of Apple devices which has surged to 1.65 bln in 2020 and provide significant upside to margins at 66% compared to 31.4% for products. Moreover, the company's iPad and Mac products remain as key segments to its top line having benefited from the effect of the lockdowns with work and study from home activities but are expected to normalize in the long term in line with the market growth rate. With the highly anticipated refreshed iPhone 13 launch expected sometime by Q3, we forecasted its iPhone revenues based on its shipments and selling price (ARPU) growth. In this analysis, we revise our initial growth expectations for FY 2021 taking into account the robust sales growth in iPhone, Mac, and iPad growth, and looked into the opportunities in the service business with the rising install base providing monetization potential.įollowing the success of its first 5G smartphone, Apple's FY2021 iPhone revenues are set to record impressive growth and its market share has risen to 15% in Q2 2020. That said, FY2021 is set to be a strong year for the company owing to the popular launch of the iPhone 12 which saw Q3 2021 iPhone revenues surge 50% YoY. ( NASDAQ: AAPL), the company's FY2020 revenue growth came slightly below expectation at 5.5% versus our estimates of 9.5% due to the softness in iPhone sales but offset by strong service and wearables revenue growth of 16% and 25% respectively. Since our previous coverage on Apple Inc. Lobro78/iStock Editorial via Getty Images ![]()
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